The adjusted trial balance of Parsons Company at December 31, 2014, includes the following accounts:

Owner's Capital $15,600,
Owner's Drawings $7,000,
Service Revenue $37,000,
Salaries and Wages Expense $16,000,
Insurance Expense $2,000,
Rent Expense $4,000,
Supplies Expense $1,500,
Depreciation Expense $1,300.

Prepare an income statement for the year.

Income statement of  Parsons Company for the period ended December 31, 2014

                                                                   Amount in $        Amount in $

Service Revenue                                                                       37,000

Operating expense;

Salaries and Wages Expense                      16,000

Insurance Expense                                        2,000

Rent Expense                                                 4,000

Supplies Expense                                           1,500

Depreciation Expense                                   1,300

Total expense                                                                           (24,800)

Net income/(loss)                                                                       12,800  

Explanation:

The income statement shows the income and expenses of a business. Owner's capital and drawings are elements of the business balance sheet. Other items given are elements of revenue and cost.

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